Evolutionary Characteristics of China＇s Intermediate Manufactures

China's economic development is characterized by progressive integration with international production chains as an assembly producer. Japan and South Korea are the major partners providing intermediate products to China. The present paper analyzes the Chinese intermediate sector's present condition and evolutionary characteristics revealed in bilateral trade with Japan and South Korea. The analysis uses the framework of new trade theory represented by “intra‐industry trade”. Trade statistics from 1997 to 2004 are analyzed using the database published by the OECD. Results show that China's inter‐industrial evolution is characterized by its expanding positioning in the manner of the flying geese development paradigm of Asian countries. Furthermore, intra‐industrial evolution is characterized by a concentration on price competitiveness. The framework and results of the industrial analysis presented in this paper assist in the understanding of China's manufacturing evolution and of the policy‐making decisions taken in the process.     

Value of Multinationality: Internalization, Managerial Self-interest, and Managerial Compensation

In this paper, we examine the impact of managerial self-interest on the value of multinationality. Since agency theory also suggests that a divergence between the interests of managers and shareholders can be aligned by effective managerial incentive, we also examine the effect of managerial compensation on the value of multinationality. Our results show that for high- Q (Tobin's Q > 1 ) firms, investors do not associate the spending of free cash flow on multinationality with the problem of overinvestments. For high- Q firms, it is also found that the value of multinationality can be enhanced by effective managerial incentives. For low- Q firms (Tobin's Q < 1 ), it is found that the concern of managerial self-interest overwhelms the benefits of internalization, making multinationality a value-decreasing event. For low- Q firms, managerial compensation is also ineffective in promoting value-enhancing foreign direct investments.     

技术性贸易壁垒与合格评定程序

随着WTO和贸易自由化的发展，各国的关税水平大幅度降低，以及配额、许可证等非关税措施的逐步取消，大大促进了国际贸易的发展，技术贸易措施在国际贸易中的地位日益重要。合格评定程序是指任何直接或间接用以确定产品是否满足技术法规或标准要求的程序。合格评定程序是企业扩大对外出口、突破技术贸易壁垒的有效措施。     

优惠性原产地规则的效应分析--兼论世界贸易组织统一优惠性原产地规则的必要性

在国际贸易日趋自由化的背景下，原产地规则尤其是优惠性原产地规则却日渐被用作非关税贸易保护措施。乌拉圭回合制定的《原产地规则协议》对非优惠性原产地规则做出了统一规定，但未能对优惠性原产地规则制订出多边规则。本文分析优惠性原产地规则的保护机制及其效应，指出WTO统一优惠性原产地规则的必要性。     

一个培育我国外贸新增长点的设想--发展环渤海区域外贸城市群

对外贸易的拉动作用是实现我国十六大经济增长目标的重要保证。但是，反观当前的国内外环境，我国进出口贸易的发展遇到了诸多困难。欲解决这些问题，必须进行制度创新，其中培育城市群是一种可行的办法。而环渤海区域以其特有优势，成为培育对外贸易城市群的首选。为此，我国需要在环渤海区域大力发展高新技术产业，培育产业集群，引导民营企业发展，以及发挥政府的政策作用。     

Investment Opportunities and the Relation Between Equity Value and Employees' Bonus

A sample of firms where employee stock options and other long‐term incentives are absent but an annual bonus is required is examined. A positive relation is found between firm equity value and stock bonus but not cash bonus. The positive relation is stronger when the firm has greater investment opportunities. Additionally, the relation is shown to be nonlinear in the sense that the marginal effect of stock bonus on equity value is positive but decreasing (negative) when the stock bonus is below (above) the breakpoint. Overall, the annual stock bonus is valued positively by investors even though it is linked to the firm's contemporaneous but not future performance.     

GATT/WTO与管理贸易

现实中的国际贸易不是自由贸易，国际贸易体制中一直都是自由贸易和贸易保护同时并存，以1GATT／WTO也不是自由贸易组织。管理贸易是指介于纯粹自由贸易和完全贸易保护之间的各种情形，其特点是规则导向、有较大兼容性以及可塑性。管理贸易的发展可以有两个完全相反的方向，而GATT／WTO倡导的贸易自由化实质上是在自由贸易和贸易保护两种成分并存的国际贸易体制中抑制贸易保护、提高贸易自由的程度。     

世界经济一体化与商业银行发展

随着各个国家经济联系范围不断扩大及各国对外经济准入政策的放宽 ,加之信息技术、网络技术的发展 ,使各国经济融入世界范围的经济一体化格局。国际资本流动速度加快、范围扩大和国际贸易的飞速发展 ,既是世界经济一体化的必然结果 ,也是促进世界经济一体化的重要因素。而这些相互关联的各个方面又同时对各国的银行业产生巨大的影响。本文通过分析当前世界经济一体化的格局、国际贸易的发展状况及国际资本流动趋势 ,研究在此基础上我国商业银行发展面临的机遇和挑战以及应对措施     

International Economies of Scale and the Gains from Trade

In this paper, we present a two-country trade model with external economies of scale that emerge on an international level but are partially localized in each country. First, we show that the larger country exports the good produced in an industry with external economies of scale in the trading equilibrium. Second, we investigate the welfare effects of trade for the following two cases: (I) the case where external economies are completely localized in autarky; (II) the case where external economies are internationally effective in autarky. In case (II), it is shown that trade can be welfare-decreasing for both countries.